Billionaire Vietnamese tycoon's firm Vingroup plans to construct a $14 billion port and logistics center located close to Hanoi.
Vingroup, Vietnam's largest conglomerate, is set to expand its operations across several sectors in 2025. Key among these plans is the development of a significant port and logistics hub near Hanoi, which is expected to cost approximately 374 trillion dong ($14 billion).
The port and logistics hub will be constructed in three phases, with the first phase budgeted at around 29.1 trillion dong ($1.11 billion) for the period 2026-2030. The facility, located in Hai Phong, approximately 100 kilometers east of Hanoi, is expected to be completed by 2040.
Billionaire Pham Nhat Vuong, the owner of Vingroup, first ventured into business in 1993 by establishing an instant noodle business in Ukraine. Since then, Vingroup has grown into a major conglomerate with businesses in real estate, retail, healthcare, education, automobiles, technology, and now, maritime transport support, cargo handling, electricity transmission, and online retail.
Vingroup's automotive arm, VinFast, manufactures electric vehicles in a 335-hectare factory complex in Hai Phong. However, the new manufacturing facility in the south Indian state of Tamil Nadu is not part of the existing automotive factory complex in Hai Phong. The new VinFast facility has an initial capacity to produce 50,000 EVs annually, scalable up to 150,000 units as demand rises.
In addition to the port and logistics hub, Vingroup is also developing a tourism estate on the outskirts of Ho Chi Minh City. The company aims to double vehicle deliveries compared to 2024, enhancing its role in transitioning Vietnam towards electric mobility. Vinhomes will focus on urban area development in locations with favorable transport infrastructure, while Vinpearl plans to expand internationally and strengthen its domestic market share, including through the MICE (Meetings, Incentives, Conferences, and Exhibitions) segment and amplified online sales.
Vingroup also plans to build renewable energy projects that will generate over 25-gigawatt hours of electricity by 2030. The company aims to achieve consolidated revenue of approximately VNĐ300 trillion and a profit after tax around VNĐ10 trillion in 2025, marking substantial increases over 2024.
The statement regarding the investment was released by Vingroup on Monday. The port and logistics hub will be Vietnam's largest conglomerate's expansion plan, aligning strategically with their vision to solidify their leadership in multiple strategic sectors and boost Vietnam’s industrial and economic capacity.
[1] Vingroup's 2025 financial targets and expansion plans: https://e.vnexpress.net/news/business/companies/vingroup-targets-300-trillion-in-revenue-10-trillion-in-profit-in-2025-4433390.html
[2] Vingroup's port and logistics hub near Hanoi: https://e.vnexpress.net/news/business/companies/vingroup-to-invest-374-trillion-dong-in-port-logistics-hub-outside-hanoi-4429823.html
[3] VinFast's expansion plans: https://e.vnexpress.net/news/business/companies/vingroup-s-vinfast-targets-doubling-vehicle-deliveries-in-2025-4429818.html
[4] Vingroup's diversification and shareholder approvals: https://e.vnexpress.net/news/business/companies/vingroup-shareholders-approve-expansion-into-new-business-sectors-4429691.html
[5] Vingroup's renewable energy plans: https://e.vnexpress.net/news/business/companies/vingroup-to-build-renewable-energy-projects-by-2030-4429634.html
- In alignment with their strategic vision, Vingroup, the billionaire Pham Nhat Vuong-led conglomerate, aims to boost Vietnam's industrial and economic capacity by investing approximately 374 trillion dong ($14 billion) in a port and logistics hub near Hanoi, venturing into maritime transport and cargo handling.
- Expanding beyond their automotive business, Vingroup's technology sector will also diversify as they build renewable energy projects aiming to generate over 25-gigawatt hours of electricity by 2030, playing a significant role in the country's transition towards sustainable energy.
